Waaree Energy Storage Solutions Raises ~₹1,003 Crore for 20 GWh Lithium-ion Cell and Battery Manufacturing Facility
Chennai: Waaree Energy Storage Solutions Pvt Ltd (WESSPL), a subsidiary of Waaree Energies Ltd, has announced the successful completion of a strategic fund raise of approximately ₹1,003 crore from a group of strategic investors, including family offices, high-net-worth individuals (HNIs), and institutional investors.
The fund raise forms part of Waaree Group’s planned capital expenditure of around ₹10,000 crore to establish a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility in India. The project is expected to significantly strengthen India’s energy storage ecosystem while supporting the country’s clean energy transition and energy security objectives.
The proposed facility will manufacture high-performance lithium-ion cells and battery packs catering to utility-scale energy storage, electric mobility, and distributed energy applications. The expansion represents a major milestone in Waaree Group’s integrated renewable manufacturing strategy and complements its existing solar manufacturing operations.
With this investment, Waaree Group is positioning itself as a fully integrated energy transition player, spanning solar modules, inverters, batteries, energy storage systems, and emerging clean energy technologies. The addition of large-scale storage manufacturing is expected to enhance grid stability, enable higher renewable energy penetration, and accelerate decarbonisation efforts.
Commenting on the development, Ankit Doshi, Director, Waaree Energy Storage Solutions Pvt Ltd, said the successful fund raise reflects strong investor confidence in the company’s vision to build world-class energy storage manufacturing capabilities in India. He added that the funding will help fast-track the commissioning of the 20 GWh facility, strengthen domestic supply chains, and contribute to employment generation and technological innovation in the sector.
The 20 GWh lithium-ion cell and battery pack facility is expected to play a key role in advancing India’s objective of boosting domestic manufacturing in energy storage technologies and reducing dependence on imports.
